[BIP-922] Recover unclaimed legacy LM MerkleRedeem funds to BizDev Safe
AI summary
This proposal aims to recover approximately 364,000 BAL tokens and 350,000 LDO tokens that were part of Balancer's old liquidity mining reward system, called MerkleRedeem, but were never claimed by users. These tokens will be transferred to the BizDev Safe, which is a multi-signature wallet managed by the Balancer business development team. The BizDev team will then be able to use these recovered tokens to fund new user incentives.
If this proposal passes, the Balancer DAO will regain control over a significant amount of previously unclaimed tokens, valued at approximately $1.3 million for BAL and $700,000 for LDO (based on current market prices). The BizDev team will benefit by having more resources to allocate towards new user incentives, potentially boosting Balancer's growth and liquidity. No one loses directly, as these tokens were already considered unclaimed and dormant.
Voting results
🐳 Whale votes
0 votes > 5% VPFull proposal
Summary
Recover unclaimed $BAL and $LDO incentives still sitting in Balancer’s pre-veBAL MerkleRedeem liquidity-mining contracts (~364k BAL and ~350k LDO respectively), and transfer recovered tokens to the BizDev Safe for redeployment as user incentives at BizDev’s discretion.
Background
Before veBAL, Balancer distributed liquidity-mining rewards via weekly MerkleRedeem contracts (erc20-redeemable): an owner published a merkle root every week; LPs claim with proofs. Unclaimed tokens remain in the contract indefinitely.
Two legacy Ethere…